WASHINGTON- Music and mogul business Jay-Z must explain to US Securities and Exchange Commission and gave details of his clothing line to determine whether or not it violated their federal securities laws.

The SEC said it intends to question Jay-Z, whose real name is Shawn Corey Carter, about the $200 million sale of his Rocawear clothing label in 2007 to the Iconix Brand Group, Inc.

The SEC said, “The Commission seeks Carter’s testimony to inquire about, among other things, Carter’s joint ventures with Iconic,” adding they have questions on whether federal securities laws were breached.

Hours later Jay-Z’s day did not get any better when a Scandinavian law firm and a financial institution filed a lawsuit against the rapper over fees that were incurred during the purchase of Tidal, a digital music service that he co-owns with his wife Beyonce and two other star singers, Rihanna and Madonna.

The lawsuit claims that Jay-Z parent company, S. Carter Enterprises, hired the firms in 2015 to assist in the purchase of the subscription service’s owner, the Swedish company Aspiro AB.

They said the outstanding balance for their services is $598,383.00 after he only made a partial payment.

Jay-Z representative said on Thursday to CNBC , “We are aware that the SEC is seeking information on Iconix’s financial reporting. Mr. Carter had no role in that reporting or Iconix’s other actions as a public company.”

“Mr. Carter is private citizen who should not be involved in this matter.”

Photo Credit-

Be the first to comment

Leave a Reply

Your email address will not be published.